Bond sale approved for Vegas freeway right of way

CARSON CITY, Nev. (AP) — The state Board of Finance has approved a $100 million bond sale to buy right of way and fast track a Las Vegas freeway project that will be the largest road project in state history.

Gov. Brian Sandoval who chairs the board says there is urgency to purchase property along the 3.7-mile route to widen Interstate 15 between Sahara Avenue and the Spaghetti Bowl near downtown.

He says property values have doubled over the past year and will only continue to rise.

Project Neon will involve a partnership between the state and a private company that will help finance, build and maintain it. Total cost is estimated at $1 billion.

Officials say the arrangement will allow the project to be completed by 2020, as opposed to taking decades.